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If a sum of money at simple interest doubles in 12 years, the rate of interest per annum is
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16 2 % 3 - 7.5%
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8 1 % 3 - 10%
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Correct Option: C
Let the principal be p.
∴Amount = 2p
∴Interest = (2p – p) = p
| ∴ Rate = | |
| Principal × Time |
| Rate = | = | = 8 | % | |||
| p × 12 | 3 | 3 |
Second method to solve this question :
| R = | × 100% | |
| 12 |
| R = | % | |
| 3 |
| R = 8 | % | |
| 3 |
